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NEWS

Posted On:
27-07-2024

Nestle India: Higher growth rates imperative to sustain high valuation

Nestlé India had a weak April-June quarter (Q1) of FY25 with meagre 3.3 per cent year-on-year (Y-o-Y) revenue growth, well below the long-term average of 14 per cent. The Gross Margin expanded 280 basis points (bps) Y-o-Y to 57.6 per cent but raw material prices are seeing inflation, with coffee, and cocoa prices at record highs, besides cereals and grains. Operating costs are up 11 per cent and Ebitda margin rose 40 bps to 23.3 per cent. The Ebitda grew 5 per cent Y-o-Y to Rs 1,120 crore.
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Posted On:
27-07-2024

Godrej Industries Group's family office divests 4.4% stake in Sobha

Godrej Industries Group's family office arm Anamudi Real Estates LLP on Friday divested a 4.4 per cent stake in realty firm Sobha Ltd for Rs 858 crore via open market transactions. According to the exchange data, Anamudi Real Estates LLP offloaded 47.37 lakh shares, amounting to a 4.43 per cent stake in Sobha Ltd. Shares were disposed of at an average price of Rs 1,810.44 apiece, taking the transaction value to Rs 857.70 crore. After the stake sale, Anamudi Real Estates' shareholding in Bengaluru-based Sobha declined to 5.57 per cent from 9.99 per cent. Meanwhile, Mirae Asset Mutual Fund (MF), Invesco MF and Aditya Birla Sun Life MF acquired 23.09 lakh shares of Sobha. Shares were acquired in the range of Rs 1,809.82-1,810.05 apiece, taking the combined transaction value to Rs 418.06 crore.
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Posted On:
29-07-2024

Ola Electric sets price band of Rs 72-76 per share in one of biggest IPO

SoftBank-backed Indian e-scooter maker Ola Electric will offer shares in the price band of Rs 72-76 ($0.86-$0.91) in its stock market offering which will open this week and be one of India's biggest IPOs this year, a newspaper ad showed on Monday. Ola Electric's roughly $740 million IPO will be the first by an Indian electric vehicle maker. The company is the biggest player in the e-scooter market in a country where adoption of clean vehicles is still low but rising rapidly. A newspaper ad by the company in the Financial Express showed the Rs 72-76-price band, with a Rs 7 per share discount for certain eligible employees bidding in the IPO. It is set to draw investor bids from Fidelity, Nomura and Norges Bank, as well as several Indian mutual funds, Reuters reported earlier on Monday. Ola's IPO will see the company issue new shares to raise $660 million and also see its existing investors, including founder Bhavish Aggarwal, offload their stake of about $80 million to IPO investors.
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Posted On:
29-07-2024

Chola MS General Insurance clocks GWP of Rs 1,945 cr in June quarter

Cholamandalam MS General Insurance Company Ltd has reported a Gross Written Premium of Rs 1,945 crore for the April-June 2024 quarter, the company said on Sunday. Cholamandalam MS General Insurance Company Ltd is a joint venture between diversified conglomerate Murugappa Group and Tokyo-based Mitsui Sumitomo Insurance Group. The company achieved a GWP of Rs 1,945 crore in Q1 of the current financial year, a growth of 14.3 per cent compared to the industry average of 12.4 per cent. The city-based company, in a release issued today, reported a profit before tax (PBT) of Rs 179 crore, compared to Rs 89 crore recorded in the same period last year. The company said it has made investments in Data Analytics and Artificial Intelligence for claims made in the motor insurance sector through its SAHAI mobile application in an attempt at enhancing its operations. Commenting on the financial performance, Managing Director V Suryanarayanan said, "Chola MS remains committed to its pursuit of profitable and sustainable growth, diversifying its line-product mix, improving its overall profitability and enhanced returns to investors."
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Posted On:
29-07-2024

Retail jewellery sector: Indriya entry adds lustre to formalisation

The organised jewellery market is heating up as existing players rapidly expand their presence, driven by a shift from unorganised to organised jewellers. While Titan Company was the first player to make the move in the early 1990s, industry experts and analysts note that the sector is now witnessing a slew of organised players picking up pace and rapidly expanding their store count. The Indian jewellery market is poised to grow to Rs 11-13 trillion by 2030, up from Rs 6.7 trillion currently.
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